Scope
Reference
TRCF3099
Description
The Lower Thames Crossing is a proposed new 14.3-mile road and tunnel which will pass under the river Thames connecting Kent and Essex, the scheme includes two 2.6-mile tunnels under the Thames, with roads required on either side to link it into the existing network.
HMG have been examining private finance options for the main works. The leading option is now a Regulated Asset Base model, in which a new economically regulated company (LTC Co) will undertake the main construction works, as well as maintain and operate both Lower Thames Crossing and Dartford Crossings.
The Department for Transport is contracting with an organisation to act as a Strategic Sale Advisor, responsible for leading and executing the Lower Thames Crossing Co sale. Key responsibilities for the Strategic Sale Advisor will include: Capital Markets Advisory, Market Engagement & Investor Outreach, Credit Rating Process, Equity Sale Execution & Transaction Finalisation.
The Department for Transport (DfT) and National Highways (NH) will be the transaction principals with all decision-making authority reserved to them. The Srategic Sale Advisor will be acting in an advisory capacity only with no authority to transact on behalf of DfT/NH.
Contract 1. Lower Thames Crossing- Strategic Sale Advisor
Supplier
Contract value
- £20,000,000 excluding VAT
- £24,000,000 including VAT
Above the relevant threshold
Date signed
6 January 2026
Contract dates
- 7 January 2026 to 31 December 2027
- Possible extension to 31 December 2028
- 2 years, 11 months, 25 days
Description of possible extension:
The contract contains the provision to extend for a further period of up to 1 year, or such greater period as is agreed between the Buyer and the Supplier. This will be dependent on the timeline of the overall transaction.
Main procurement category
Services
Options
The right to additional purchases while the contract is valid.
If deemed necessary or advantageous to the Project, the DfT reserves the right to vary this contract to permit the Strategic Sale Advisor (SSA) to offer a stapled-debt financing solution (including the SSA arranging on a syndicated basis), which would be made available to all bidders on an equal basis.
CPV classifications
- 66120000 - Investment banking services and related services
Contract locations
- UK - United Kingdom
Key performance indicators
| Name | Description | Reporting frequency |
|---|---|---|
| Quality | The Supplier must deliver all agreed Deliverables to a standard acceptable to the Buyer and obtain formal sign-off. |
3 months |
| Engagement | The Supplier’s core team must attend monthly meetings as required and actively contribute to key sessions. |
3 months |
| Delivery | The Supplier must provide all written advice by the deadlines agreed in advance with the Buyer, or such other time as may be agreed between the Parties. |
3 months |
Submission
Submission type
Tenders
Other information
Conflicts assessment prepared/revised
Yes
Procedure
Procedure type
Competitive flexible procedure
Supplier
Lazard & Co., Limited
- Public Procurement Organisation Number: PPTB-8591-VZGH
20 Manchester Square
London
W1U 3PZ
United Kingdom
Email: Lazard_LTC@lazard.com
Region: UKI32 - Westminster
Small or medium-sized enterprise (SME): No
Voluntary, community or social enterprise (VCSE): No
Supported employment provider: No
Public service mutual: No
Contract 1. Lower Thames Crossing- Strategic Sale Advisor
Contracting authority
Department for Transport
- Public Procurement Organisation Number: PLTC-5358-LTWZ
Great Minster House, 33 Horseferry Road
London
SW1P 4DR
United Kingdom
Email: dftc.procurement@dft.gov.uk
Region: UKI32 - Westminster
Organisation type: Public authority - central government